1. Field of the Invention
The invention relates to the field of financial transactions and more particularly to the field of non-member institution securities transactions on a member securities exchange.
2. Description of the Related Art
In member exchange systems, securities transactions or orders are processed through exchange members before being exposed to the exchange floor for trading. Under the existing regulations and exchange rules, there is no opportunity for a non-member institution to directly submit a transaction to the exchange without submitting the transaction to a member first. Electronic order submission by the non-member institution may reduce order turn-around time, however, even where non-member institutions can electronically submit orders to the exchange through members, the non-member institution identity is typically included with the order, and therefore known or available on the floor. Non-member institutions want their identity to remain anonymous or hidden for at least as long as the order is being filled. Additionally, most non-member institutions executing transactions on the exchange would also like to stream-line the order submission process and reduce order turnaround time, wherever possible.
Accordingly, there is a need to maintain the anonymity of the institution or party placing the order, without violating the exchange regulations or rules, and reduce transaction execution times.